Multiple Choice Question 103 On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:

Sales, January 1 through April 15 $588000

Inventory, January 1 96000

Purchases, January 1 through April 15 490000

Markup on cost 20%

The amount of the inventory loss is estimated to be

$115200.

$98000

. $48000.

$96000.